Cannabis company Xebra Brands Ltd. XBRA XBRAF 9YC reported Thursday it has started formal marijuana cultivation in the Netherlands, including THC varietals.
As 1 of only 5 companies to be selected by the Dutch government to participate in trial medicinal cannabis cultivation, Xebra is seeking to secure 1 of 2 licenses, with a contract for up to 6 years - providing for revenues of up to U$79 million (€70.5 million) - to co-supply all pharma-grade cannabis to be sold in the Netherlands.
Another company that also obtained a license to participate in the Controlled Cannabis Supply Chain experiment in the country, is Growery B.V., which was recently backed by Canadian marijuana giant Aurora Cannabis Inc.'s ACB subsidiary Aurora Nederland B.V. The two companies signed an agreement in relation to the investment, which is subject to the regulatory notification procedure.
Cultivation in the Netherlands is conducted in Xebra's indoor facility. Xebra's specific genetic varieties are characterized by high production, compact flowers of excellent quality and fine-tasting terpene profiles, with a growth cycle of 12-16 weeks.
Xebra's Director of Operations in the Netherlands, Harry von Duijne, is a skilled cannabis horticulture expert with more than two decades of experience in the field. Von Duijne played a leading role at Bedrocan NL from 2014 and 2017, where he was responsible for managing every aspect of operations of a state-of-the-art cannabis facility, from construction through cultivation and processing, quality management and GMP certification. Bedrocan produces medicinal-grade cannabis under contract for the Dutch Ministry of Health as the only licensed producer in the Netherlands, and for many years was the only licensed producer in all of Europe.
More recent news from Xebra:
Xebra's Shares Skyrocket On Receiving Trademarks In Mexico For THC And CBD-Infused Beverage Brands
Price Action
Xebra’s shares traded 10.84% lower at 25 cents per share at the time of writing Thursday morning.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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